Lagos, Nigeria – September 04, 2025
KBL Insurance Limited has reaffirmed its strong commitment to advancing compulsory insurance in Nigeria following the signing of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 into law by President Bola Ahmed Tinubu. This historic legislation represents a major step forward in the Federal Government’s Renewed Hope Agenda, designed to strengthen the insurance sector and drive the country toward achieving its $1 trillion economy vision.
NIIRA 2025 consolidates outdated insurance regulations into a modern, unified framework aimed at transforming the industry. The Act introduces reforms that will enhance transparency, boost capital adequacy standards, and promote innovation, while ensuring consumer protection and building confidence in the insurance sector. It also seeks to improve claims settlement processes, expand insurance penetration through digitalisation, and establish policyholder protection funds to safeguard customers in the event of insurer insolvency.
The National Insurance Commission (NAICOM) has been tasked with leading the implementation of this transformative law, which is expected to strengthen regulatory compliance and position insurance as a vital contributor to Nigeria’s economic development.
Speaking on KBL Insurance’s commitment, Lawal Mijinyawa, the Managing Director and Chief Executive Officer of KBL Insurance Limited, said: “At KBL Insurance Limited, we see compulsory insurance not just as a regulatory requirement but as an essential safeguard for individuals, families, and businesses. NIIRA 2025 provides a powerful platform for us to deliver on our vision of becoming the company best known for providing insurance protection for every home and business in Nigeria.”
As a leading general insurance provider, KBL Insurance is fully aligned with the goals of NIIRA 2025 and is investing in innovative solutions to make compulsory insurance more accessible and affordable. The company is intensifying efforts to raise public awareness about compulsory insurance, working closely with regulators, and engaging with communities to promote a deeper understanding of the benefits of insurance coverage and its role in economic stability.
Commenting further, Temitope Afuwape, Executive Director of KBL Insurance Limited, said: “The enactment of NIIRA 2025 marks a turning point for Nigeria’s insurance industry. KBL is proud to be part of this historic journey and remains committed to driving growth through professionalism, innovation, and exceptional service delivery.”
For more information on KBL Insurance’s range of compulsory insurance solutions, visit www.kblinsurance.com or follow us on our social media platforms.
KBL Insurance Limited is a trusted general insurance company in Nigeria, dedicated to delivering innovative risk management solutions that bring comfort and peace of mind to individuals and businesses. Guided by a culture of professionalism, customer focus, and innovation, KBL continues to set benchmarks for service excellence in the Nigerian insurance sector.